JPMorgan Chase plans to provide cryptocurrency ETF financing services, considering accepting cryptocurrency assets as collateral for loans

Odaily Planet Daily News: According to Bloomberg citing informed sources, JPMorgan Chase is planning to expand its cryptocurrency related services by allowing customers to use cryptocurrency assets as collateral for loans, applicable to some spot Bitcoin ETFs including BlackRock's iShares Bitcoin Trust (IBIT). According to reports, JPMorgan Chase will also include the cryptocurrency assets held by its wealth management clients in its total net assets and current assets calculations for evaluating its borrowing limit. Previously, such financing arrangements were only provided in individual cases. This marks that as the regulatory environment in the United States gradually warms up, JPMorgan Chase is accelerating the launch of cryptocurrency products to trading and wealth management clients. It is worth noting that the CEO of the bank, Jamie Dimon, although still reserved about cryptocurrency assets last month, has clearly stated that he will allow customers to purchase Bitcoin, although the bank will not hold these assets in custody. In addition, JPMorgan Chase is also assisting other cryptocurrency companies in expanding their business. In May of this year, stablecoin issuer Circle hired JPMorgan Chase to assist in its initial public offering (IPO). BlackRock's IBIT is currently the world's largest spot Bitcoin ETF, managing assets worth $69 billion and holding approximately 78% of the spot Bitcoin ETF market share. （TheBlock）